Snapchat is raising about $200 million in a financing round that could put the social media platform's valuation as high as $22.7 billion, TechCrunch reported, citing sources with knowledge of the deal.
The fresh fund-raising follows a $175 million Series F round in March that was led by Fidelity and valued Snapchat at $16 billion, in line with its 2015 valuation, TechCrunch said.
Snapchat declined to comment when contacted by CNBC about the report.
Snapchat has about 100 million daily users, with around 8 billion video views a day.
Popular with millennials, Snapchat allows users to send a "snap" – a picture or video – to contacts. As soon as someone reads the snap, it disappears. But users can also post a "story" – a public collection of snaps that disappear after 24 hours.